IT/ILT: While determining ALP under CUP method, if number of comparable uncontrolled transactions are available, it is arithmetic mean of price charged in all such transactions, which is considered for determining ALP of an international transaction; in such a case, neither Assessing Officer nor Transfer Pricing Officer can resort to cherry-picking
Monday 21 December 2015
CBEC decides to withdraw pending cases before HC/CESTAT if SC has already decided on identical matte
EXCISE : Withdrawal of Cases Pending Before High Court/CESTAT on Basis of Earlier Supreme Court's Decision on Idential Matters
High Court can hear appeal involving issue of 'manufacture'
Excise & Customs : Section 35G only excludes appeal from an order of Tribunal relating, among other things, to 'rate of duty' or to 'value of goods'; it does not exclude appeal against Tribunal order on issue of 'manufacture' therefore, High Court may entertain appeal involving issue of manufacture
CBEC raises monetary limits for filing appeal by revenue
EXCISE : Reduction of Government Litigation – Providing Monetary Limits for Filing Appeals by Department Before CESTAT/High Courts and Supreme Court
Annual disclosure to be made under Reg. 8(3) of takeover code even if there is no change in sharehol
SEBI: Obligation under regulation 8(3) requiring annual disclosures to be made by listed company to stock exchanges is mandatory, even if there was no change in shareholding of persons/promoters set out under regulations 8(1) and 8(2) because not merely shareholding as on last day of financial year but also changes, if any, between current and previous financial year has to be disclosed
Pen drive, networking equipment and printers are part of computer system; eligible for 60% depreciat
IT: Where assessee, engaged in business of process management services for credit cards, paid licence fee in order to get limited right to use a software programme belonging to other company, amount so paid was to be allowed as business expenditure
Credit can't be denied if capital goods are removed from factory due to paucity of space after intim
CENVAT : Where manufacturer had intimated department about shifting of machines to rented premises near factory and submitted proper documents and no job work was done, Cenvat credit could not be denied
Payment of buy-back premium is deductible if buy-back is made to settle dispute between shareholders
IT : Where no income had been accrued or received by assessee on built-up area to be constructed on one plot under an agreement to transfer two plots owned by assessee, same would not be taxable in hands of assessee
Indian agent procuring ad air time for National Geographic & Fox Channel held as agency PE of foreig
IT/ILT : Agent of US based company procuring advertisement airtime for National Geographic Channel and Fox International Channel held as its agency PE in India. Thus, profits attributable to PE of foreign company on sale of advertisement airtime were taxable in India.
Order dismissing appeal in absence of pre-deposit can't be challenged without challenging pre-deposi
Excise & Customs : Where pre-deposit order directing assessee to make a pre-deposit was not at all challenged, same had attained finality and once pre-deposit order has attained finality, dismissal of appeal for non-compliance with pre-deposit condition cannot be independently challenged
No Sec. 153C assessment proceedings only on basis of survey
IT : Matter restored to file of Commissioner (Appeals) to readjudicate issue whether survey under section 133A could be made basis for assessment framed under section 153C
SC directs tribunal to decide whether value of software meant for upgrading could be included in val
Excise & Customs : Where Tribunal rendered conflicting view on 'inclusion of value of software in value of imported mobile phones', Supreme Court remanded matter for consideration of issue by larger bench of Tribunal
No best judgment assessment if dept. fails to prove how assessee failed to assess tax as per law
Service Tax : Where assessee had filed returns in due time, department could not invoke best judgment assessment under section 72 without even specifying how assessee failed to assess tax as per law and which details were not supplied by assessee
Period of 30 days to be considered and not British Calendar month to calculate interest for delayed
IT : For calculating interest under section 201(IA), term 'month' must be given ordinary meaning of term of 30 days period and not British calendar month
No best judgment assessment if dept. fails to prove how assess failed to assessee tax as per law
Service Tax : Where assessee had filed returns in due time, department could not invoke best judgment assessment under section 72 without even specifying how assessee failed to assess tax as per law and which details were not supplied by assessee
Rupee Moves Up 9 Paise Against Us Dollar In Early Trade
MUMBAI: Rising for the fifth straight session, the rupee gained 9 paise at 66.31 against the dollar in early trade today at the Inter-bank Foreign Exchange on increased selling of the US currency by exporters.
Forex dealers said sustained selling of the American unit by exporters and the dollar's weakness against some currencies overseas supported the rupee, but a lower opening in domestic equity market restricted the gains.
The rupee had appreciated by a modest two paise to settle at 66.40 against the greenback on Friday.
It had gained 69 paise in the past four trading sessions.
Meanwhile, the benchmark BSE Sensex fell 105.68 points, or 0.41 per cent, to trade at 25,413.54 in early trade.
Source :timesofindia.indiatimes.com
Copper Falls By 0.3% On Weak Global Cues
Copper futures fell 0.28% to Rs 317 per kg today as speculators trimmed positions amid weak trend in the global markets.
Moreover, muted demand at domestic spot markets also put pressure on prices.
At the Multi Commodity Exchange, copper for delivery in April next year declined by 90 paise or 0.28% to Rs 317 per kg in a business turnover of seven lots.
The metal for delivery in February fell by 85 paise or 0.27% to Rs 312.45 per kg in a business volume of seven lots.
Analysts said a weak trend in copper in the global market after climbing the most in over two months and subdued demand at the domestic spot markets, weighed on copper futures.
Globally, copper for delivery in three-months fell 0.4% at $4,667.5 per tonne at the London Metal Exchange.
Source :.business-standard.com
No reassessment on exclusion of forex gains from total income as such info was available during asse
IT: Where reassessment was initiated on ground that assessee had excluded foreign exchange fluctuation gains while computing total income while, in fact, same computation was available on record during assessment, reassessment was bad
Now auditors shall report only on frauds of one Crore or more to Govt
COMPANIES ACT, 2013/AAA/INDIAN ACTS & RULES : Companies (Audit and Auditors) Amendment Rules, 2015 – Substitution of Rule 13 and Amendment in Rule 14 & Form No.ADT-4
For Oil-Producer Nigeria, India Is Top Export Destination
India has taken the first place as Nigeria's major export destination with earnings of $2.02 billion from the sale of crude oil, representing 17.5 per cent of the country's total export for the third quarter of this year, the National Bureau of Statistics (NBS) said.
For the 2014-15 financial year, the Indian High Commission said, the country imported $13.53 billion worth of crude and petroleum products $13.96 billion in 2013-14.
"Bilateral trade between India and Nigeria in 2014-15 stood at $16.36 billion, which was two percent less compared to the previous year's figure of $16.98 billion," the high commission added.
It said India's exports to Nigeria have grown gradually during the last few years - from $1.08 billion in 2007-08 to $2.68 billion in 2014-15. Nigeria is India's largest trading partner in Africa and India is the largest trading partner of Nigeria globally
From the NBS figures, Netherlands is the second major export destination with $1.2 billion representing 10.5 percent, followed by Spain with $1.04 billion representing 9.1 percent, the NBS said.
The NBS said the value of the nation's merchandise exports totaled $11.58 billion in the third quarter of 2015 and represented a decrease of $1.59 billion or 12.1 percent, over the previous year's figure of $13.17 billion.
The decline was attributed to a fall in crude oil exports by $1.85 billion or 18.8 percent over the preceding quarter. "Nevertheless, the structure of exports is still dominated by crude oil, which contributed $7.99 billion or 69.1 percent to the value of total domestic exports in 2015. Natural liquefied gas recorded $1.31 billion of the total export value during the period under review," the NBS added.
Nigeria's total external merchandise trade decreased by $1.67 billion to $1.9 trillion in the third quarter of this year.
It attributed the decline to a $320.6 billion or 12.1 percent decline in the value of exports as well as imports decline of 17.4 billion or 1.0 percent against the levels recorded in the preceding quarter.
Soorce :.business-standard.com
Government Taking Necessary Steps To Boost Msmes, Exports: Nirmala Sitharaman
The government is taking necessary measures to support small and medium industries, keeping in view a sluggish global situation that has led to a fall in the country's exports, Commerce and Industry Minister Nirmala Sitharaman has said.
"It cannot be denied that the global situation has been depressed and things are not improving. The government is doing what it can to change the situation for the small and medium players," the minister said at the inauguration of 'India Diamond Trading Centre' on Sunday.
She said merchandise exports are likely to fall further and the ministry is making all efforts to help small and medium players.
The gems and jewellery sector constitutes 13% of the merchandise exports, she added.
India's exports remained in negative territory for the 12th straight month after it registered a drop of 24.43% in November to $20.01 billion (nearly Rs 13.27 lakh crore) as against $26.48 billion (nearly Rs 17.56 lakh crore) in the year-ago period.
The minister said, the gems and jewellery sector needs a lot of attention as it provides jobs to millions and the government will take steps to remove the hurdles that are impediment to the growth.
"We will ensure that the gems and jewellery sector remains vibrant. We will take up some of the concerns of the industry with finance ministry, especially the taxation issue," she added.
Sitharaman further said, the industry has grown since 2004-05, to become an important sector, exporting $40 billion (nearly Rs 26.53 lakh crore) goods in 2014-15, due to its entrepreneurship, drive and hard determination to be internationally competitive.
Speaking about the Diamond Trading Centre, the minister said, "Last December 2014, Prime Minister Narendra Modi in the presence of Russian President Vladimir Putin at the World Diamond conference, jointly organised by the GJEPC, said he would announce a special notified zone (SNZ) and within one year we are here to inaugurate the diamond trading centre. And this is much before the scheduled visit of the Prime Minister to Russia."
Source :.dnaindia.com
Us Lifts Oil Export Ban; India To Benefit?
WASHINGTON: The United States on Saturday lifted a 40-year-old ban on export of oil, thus paving the way for energy deficient countries like India to open up another frontier to import oil from a distant friendly nation.
The ban was lifted as President Barack Obama on Saturday signed into law the Omnibus $1.8 trillion spending package and tax bill for the current fiscal ending on September 30, 2016.
The move was welcomed by the industry , while proenvironmental groups were critical of it.
Senator Lisa Murkowski, energy panel chairman, welcomed the decision. "By lifting the domestic crude oil export ban, we are sending a signal to the world that our nation is ready to be a global energy superpower," he said. "With crude exports comes job creation, economic growth, new revenues, prosperity, and enhanced energy security for our allies and ourselves," Murkowski said.
Top Comment
Yes Indian Corporates will benefit maximum, not the people!Krishna
Business Roundtable welcomed the move to end the ban on the export of US crude oil, a policy enacted during the 1970s. "Business leaders representing every sector of the US economy applaud Congress for voting to end the outdated ban on American oil exports," said Nicholas K Akins, chairman, president and CEO of American Electric Power Company , Inc and chair of the business roundtable committee on energy and environment.
"The US is now the world's number one oil producer, and removing this ar tificial export restriction will strengthen our nation's strategic position in global energy markets," he said.
However, senator Tom Carper, a top Democrat, ex pressed concern over lifting the ban. "I am deeply con cerned about the impact of lifting the oil export ban on our independent oil refi ners, who employ thou sands of hardworking midd le class Americans," he said Republican presidential candidate Chris Christie wel comed the decision to lift ban on oil export. "The oil export part of it is great, it's good for Americans, it's good for the oil industry , it's good for the world," he said.
CESTAT can't entertain an appeal without mandatory pre-deposit by appellant
ST: CESTAT cannot entertain any appeal filed on or after 6-8-2014 without mandatory pre-deposit
Now Delhi dealers to reverse full input credit on inter-state transfer of Tobacco and lubricants
VAT/INDIAN ACTS & RULES : Delhi Value Added Tax (Amendment) Rules, 2005 – Amendment in Rules 7 and 43
Sum paid by employer voluntarily to settle dispute on premature cessation of employment is tax free
IT: Where ex gratia compensation paid to assessee on his discharge from services was voluntary in nature, it would not amount to compensation in terms of section 17(3)(i)
Govt. includes 41 Housing finance Cos under ambit of 'financial institutions' under SARFAESI Act
SARFAESI : Section 29(1)(m)(iv) of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Financial Institution – Notified Financial Institution
Now RBI permits FIIs, FPIs and NRs to purchase security receipts of Securitization Cos
FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Security by A Person Resident Outside India) (Thirteenth Amendment) Regulations, 2015 – Amendment in Schedule 5
Order passed by 'In-charge Chief Metropolitan Magistrate' in absence of CMM to recover mortgaged pro
SARFAESI : Where petitioner failed to pay outstanding dues of respondent bank, order passed by In-charge Chief Metropolitan Magistrate 'de-facto' assuming jurisdiction in absence of Chief Metropolitan Magistrate under section 14 to recover possession of mortgaged property could not have been assailed by petitioner
No denial of sec. 10B relief just because end product of research contract would be used in later st
IT : Where research documents and speciality compound produced while providing 'contract research' service in chemistry would be used only in later stages of development of industrially useful chemicals, it could not be concluded that assessee was not manufacturing an article or thing; its claim for exemption under section 10B was to be allowed
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